Note On Charts: It’s important you are trading with a broker that offers New York Close Charts, (a true 5-day chart that aligns with the true New York Close).
Download a demo of our Preferred Broker & Charting Platform Here.
Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
GBPUSD – Spot
Key levels: 1.3570, 1.3620, 1.3671, 1.3702, 1.3760, 1.3917, 1.4002, 1.4236
Price Action: Last Friday, price formed an Inside Bar pattern just above the 1.3848 short-term support level (Not possible to trade given the width of the Mother Bar and position of the Inside Bar). Late last week, price invalidated the bullish Pin Bar signal that had formed at the 1.3917 short-term support level early last week (We did not consider trading this signal, as we preferred to buy on a deeper pullback – discussed in April 22nd members newsletter). Earlier last week, price surged aggressively from the Bullish Fakey + Giant Tailed Bar setup that had formed within the 1.3671 – 1.3759 key support range over a week ago (Price initially false break down below the inside bar pattern that we discussed in the previous newsletter, before aggressively reversing back up to form a Bullish Fakey setup).
Potential Trade Idea: We are still considering trading longs on retracement lower to within the range of the Bullish Fakey + Giant Tailed Bar setup (second chance entry), whilst price remains above the 1.3671 – 1.3759 key support range.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
S&P500 – Cash
Key levels: 3730, 3868, 3965, 3989, 4192
Price Action: Last Friday, price broke out above the recent Inside Bar pattern that had formed just under the all-time highs mid-last week (discussed in the April 22nd newsletter). Over a week ago, price formed a Bullish Pin Bar signal near the recent highs, after surging higher from an ultra-small Inside Bar pattern that had formed well above the 3965 – 3989 key support zone around three weeks ago (discussed in the April 19th weekly newsletter).
Potential Trade Idea:
Trade Idea 1: We are still considering trading longs on a deep retracement lower, and after a price action buy signal on the daily chart time frame, at or just above the 3965 – 3989 support zone.
Trade Idea 2: Aggressive traders might still consider trading longs on the Inside Bar break-out (Price is just starting to break-out from this pattern), in anticipation of the recent bullish momentum continuing and taking prices to new all-time highs.
NOTE – You can trade S&P 500 Cash via the trading platform we use HERE
SPI 200 – Cash
Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920, 7088
Price Action: Price formed a bearish Tailed Bar signal just under the recent all-time highs late last week (We did not consider trading this signal as it had formed near the all-time highs, was counter-trend, and was just above the major support zone – discussed in the April 23rd newsletter). Earlier last week, price surged aggressively after a retracement lower to the 6900 – 6920 major support zone (We had been considering trading longs on a retracement lower to that major support range – discussed in last Tuesday’s newsletter). Last Tuesday, price broke below the Pin Bar + Inside Bar combo pattern that had formed at all-time highs earlier this week, we had only been considering trading a breakout of this pattern, however, this breakout didn’t trigger.
Potential Trade Idea: We are still considering trading longs on a deep retracement lower and/or after a price action buy signal, at or just above the 6862 – 6920 major support zone.
NOTE – You can trade SPI 200 Cash via the trading platform we use HERE.
Become A Member : Get Trade Ideas & Chart Analysis on 10+ Markets Every Day – visit the Course Membership Page Here.
Get The Charts We Use : Download a demo of our Preferred Charting & Broker Platform Here.
Already A Member ? : To View The Members Trade Ideas Newsletter Login Here.
Please Leave A Comment Below With Your Questions or Feedback.
Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.